Reed Relay Market Size to Hit $1,125 Million by 2030 | ABB, Standex, Siemens, SE, TE Connectivity, COTO Technology, Towards Relays

According to a new market research report "Reed Relay Market by Voltage (200 V, 200 V-500 V, 500 V-1 Kv, 1 kV-7.5 kV, & 7.5 kV-10 kV, & Above 10 kV), Application (Industrial, Household Appliances, Test & Measurement, Mining, Automotive, EV, Medical, Renewables), & Geography - Global Forecast to 2030" published by MarketsandMarkets, the reed Relay market size is estimated to be USD 352 million by 2022 and is projected to reach USD 1,125 million by 2030, at a CAGR of 15.6%.

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A reed switch is an electromagnetic switch that operates using an applied magnetic field. Therefore, a magnet controls the flow of electricity in the circuit. A small glass envelope housing two or more ferrous reeds makes up the switching mechanism. Hence, the reed switches open or close in the presence of a magnetic field. The simple design and function of reed switches offer a lot of room for innovation and different uses. Reed switches used in a reed relay application are just one way of innovating with reed technology.

1 KV-7.5 KV is expected to result in the segment growing at second fastest rate in th reed Relay market

High frequency and efficient performance to propel market growth. High-voltage reed relay switching modules in this segment are mostly suitable for industries and are found in up to 7.5 kV. The purpose is to switch to high-voltage signals and high-frequency applications. Another attribute by which reed relays could be characterized is the amount of load, or current, they are capable of handling. Reed relays are small, fast acting, and can switch low-level signals, in addition, they have no wearing parts resulting in a long life. They are prominent in providing highly efficient performance characteristics in insulation resistance and stand-off voltage.

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Charging station by application is estimated to be second fastest growing market

The need of charging stations to cater to the growing ev market to boost demand. With an aim to reduce emission, economies around the world are moving towards electric vehicles. According to IEA, publicly available EV charging points were up by nearly 40% in 2021. China has the largest number of publicly available chargers in the world. It accounts to a share of about 85% of the world's fast chargers and 55% of slow chargers. Reed relays find application in EV charging stations as they are used to cut off the charge and to discharge the DC power of the battery in EVs. They are also used in charging plugs between the external charger and the vehicle battery. A rapid growth in the adoption of EVs globally and the need for a robust charging infrastructure, hence, is expected to drive the reed relay market.

Asia Pacific (excl. China) likely to emerge as the largest Reed Relay market

Asia Pacific (excl. China) held a 25.4% share in the reed relay market in 2021. The region has been segmented, by country, into India, Japan, and the Rest of Asia Pacific. Asia Pacific (excl. China) is expected to hold the largest market share in the reed relay market during the forecast period. Increasing T&D network expansion and industrialization projects in emerging countries such as India and Japan are a few of the key growth drivers of the reed relay market in the region. Massive T&D network expansions and industrialization projects in these countries are the main reasons for the growth of the reed relay market. Economies such as Japan, Indonesia, and India are driving the growth of the reed relay market in Asia Pacific.

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ABB (Switzerland), Standex International Corporation (US), Siemens (Germany), Schneider Electric (France), and TE Connectivity, COTO Technology (US), Pickering Electronic Ltd (UK), General Electric (Switzerland), and Towards Relays (Taiwan) are the key players in the global reed Relay market.

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This release was published on openPR.